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Yes. Banks are fully regulated by Government, so you can expect fair and honest treatment.

We’re open with you about all the fees we charge and we’ll only offer you a loan you can afford.

And, we don’t charge you penalty fees if you miss your payment date by a few days, or if you pay us back the full amount sooner than expected.

To offer you a loan you can afford, we need to look at how much you earn every month, and your monthly expenses*.

The amount you have left tells us how much you should be able to afford to spend on monthly repayments for a loan.

We also look at your credit score to see what interest rate we can offer you. The better your score is, the lower the interest rate. And if you choose a longer repayment term, you might be able to afford a bigger loan.

*This includes food, rent and levies, bond repayment and rates, insurance and medical aid premiums, home security, transport, education, airtime and data contracts, entertainment, clothing accounts and any other debt or payment obligations you may have.

You don't have to be a Nedbank client to apply for a loan with us. If you are a client, we can offer you affordable loans on the Money app and Online Banking.

You may already have a loan offer waiting for you on the Money app. Log in and go to More > Notifications > For you to check.

These offers are not available to everyone. If you don't see any offers, go to Apply for a loan or credit > Personal loan, or call 0860 103 582 and we’ll help you apply over the phone.

You can spend your personal loan on whatever you need. You can pay for urgent things or unexpected events, even holidays.

You’ll get an offer as soon as you send us your application form and documents.

Once you’ve accepted our offer, the money could be in your bank account in anything from 3 to 90 minutes. If you apply in the evening, you’ll have the money the next working day.

If we cannot approve your loan, we’ll let you know the same day or the next working day.

The system we use to approve loan applications is linked to credit bureaus that keep your credit record and payment history. It’s important to know where you stand with the bureaus before you apply.

This can affect your loan application:

  • Your credit record and payment history.
  • Risk or affordability.
  • Credit bureau disputes or inaccurate information.
  • Administration or sequestration orders.
  • Debt counselling or legal processes.

No, the person who borrows the money is liable for meeting the terms and conditions of the loan. 

You can apply for a loan from R40,000 to R300,000 for any car that’s 5 to 20 years old at any approved dealer in South Africa. 

You can apply for a loan at any Nedbank partner store for home renovation materials, furniture or appliances.

Our partner stores include big-brand retailers like Build it and Cashbuild. To find an approved store near you, call 0860 300 400 and choose 1.

If what you need is not available at our partner stores, you can apply for a personal loan online.

We don’t just consider your credit score when you apply. We also look at how much you can afford, and how you’ve managed loans and payments with other credit providers in the past.

You don’t need to be a Nedbank client to get a loan with us. But we can approve loans for clients who do not have high credit scores, because we already have a good relationship or history with them.

Create an account with a credit bureau. You can get a free credit report every year that shows your score and payment history. Always check your credit score before you apply for a loan.

It depends on whether you can afford the loan, and how you’ve managed your repayments with other credit providers in the past. It’s also easier to give you a lower interest rate if you’re already a client we have a relationship with.

The repo rate is the rate at which the South African Reserve Bank lends money to banks. The prime lending rate is the rate at which banks lend to clients.

If the repo rate goes up, the prime lending rate goes up. If the repo rate goes down, the prime lending rate goes down.

If you have a personal loan at another bank but want to reduce your monthly repayments, you can apply for a consolidation loan with us, which means you combine all your loans into 1.

If you accept our offer, we’ll pay off your outstanding debt with the other bank.

Use our consolidation calculator to see how much you could save on monthly repayments with an interest rate based on your risk profile.

You can do this through loan consolidation. This means you combine all your loans into 1, with a new interest rate over a new repayment term.

You can take out a consolidation loan with us for loans with other lenders, or for a loan that you have with us.

This can help to reduce your monthly repayments, and you have the option to apply for extra cash.

Your premium is based on your risk profile and the risk of insured events happening. Depending on your risk profile, your premium could be calculated at R2.50, R3.50 or R4.50 for every R1,000 that you borrow. We also charge a monthly commission fee of 7%, which is already included in the insurance premium.

Yes, you must have insurance for a personal loan for as long as you’re repaying it. It covers your repayments if you can no longer pay them.

You can take out insurance with us when you apply. If you prefer your own insurance, you’ll need to share your policy with us. Your policy must at least offer the benefits required by the Credit Life Insurance Regulations of 2017.

Our personal loan insurance covers your repayments for up to 12 months if you lose your income. 

If you die or become disabled and can't earn an income, we’ll pay your outstanding loan amount up to R300,000.

If you need to claim or check if you have a valid claim, call us on 0860 333 111 or email insuranceclaimsqueries@nedbank.co.za within 180 days of the insured event.

  • Certified copy of your valid South African identity card or document.
  • Payslips for the last 3 months.
  • Bank statements for the last 3 months (if your salary isn’t paid into a Nedbank account).

If you took out your loan before 9 August 2017, your policy only includes a retrenchment benefit. Depending on the reason for your claim, we’ll need more documents from you.

Retrenchment

  • Retrenchment claim form (call us on 0860 333 111 to get a form).
  • Proof your employer is following the correct retrenchment or company closure policy.
  • Copy of the letter of retrenchment from your employer, giving reasons why you’re being retrenched.

Unemployment

  • Certified copy of the letter from your employer immediately before your period of unemployment, giving reasons why you left.

Compulsory unpaid leave

  • Certified copy of the letter from your employer, giving actions taken and reasons for these actions.

Company liquidation without a formal retrenchment process

  • Provisional liquidation order.
  • Certified copy of your valid South African identity document or card.
  • Disability claim form (call us on 0860 333 111 to get a form).
  • Disability report from a medical practitioner.
  • Diagnosis from a registered medical practitioner, supported by acceptable clinical, radiological, histological or laboratory evidence.
  • Certified copy of your valid South African identity card or document.
  • Statement by a second family member (call us on 0860 333 111 for a statement form).
  • Certified copy of the policy holder’s death certificate.

If you took out a loan before 13 May 2017 and qualify for critical illness cover, you’ll need:

  • Certified copy of your valid South African identity card or document.
  • Critical illness or dread disease claim form (call us on 0860 333 111 to get a form).
  • Diagnosis from a registered medical practitioner, supported by acceptable clinical, radiological, histological or laboratory evidence.

A portion of the amount you borrow, monthly interest and fees and, if you take out insurance with us, your monthly premium.

Yes, we add it to your loan. For example, if you apply for R10,000 loan and the initiation fee is R1,000, the loan amount will R11,000.

The initiation fee is not a fixed fee, but based on your loan amount. There is a maximum limit of R1,207.50 for bigger loans.

We charge an initiation fee and a monthly service fee of R69. And, if you take out insurance with us, your monthly premium. We don’t charge penalty fees when you pay back your loan sooner than expected. 

We debit the monthly repayment amount directly from your account on your salary date.

If you would like to pay off your personal loan sooner, you can pay in extra amounts monthly by calling us on 0860 103 117 to change your debit order amount.

For electronic funds transfer (EFT) payments, select Nedbank from the bank approved beneficiary list of your internet banking website. Use your personal loan account number as the beneficiary reference when you pay us.

Yes, you can pay back your loan sooner if you want. We won’t charge you a penalty fee. 

Call us on 0860 103 117 as soon as you know you won’t be able to make a payment. We can then arrange a new payment date, or a debit order for double the monthly repayment amount for the following month. 

Call us on 0860 103 117 for a personalised payment arrangement.